XML 23 R13.htm IDEA: XBRL DOCUMENT
v3.24.1

Investment Securities | 12 Months Ended
--- | ---
Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract] |
Investment Securities | 3. INVESTMENT SECURITIES The amortized cost, gross unrealized gains and losses, allowance for credit losses, and fair value of investment securities available for sale are summarized as follows:
|  | December 31, 2023 |
(In Thousands) |  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Allowance for Credit Losses |  |  | Fair Value |
Available for Sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
US Government Agency securities |  | $ | 12,711 |  |  | $ | 279 |  |  | $ | (5 | ) |  | $ | — |  |  | $ | 12,985 |
US Government Treasury securities |  |  | 4,925 |  |  |  | 17 |  |  |  | — |  |  |  | — |  |  |  | 4,942 |
Obligations of state and political subdivisions |  |  | 49,640 |  |  |  | 420 |  |  |  | (3,015 | ) |  |  | — |  |  |  | 47,045 |
Mortgage-backed securities in government-sponsored entities |  |  | 50,795 |  |  |  | 515 |  |  |  | (3,129 | ) |  |  | — |  |  |  | 48,181 |
Other securities |  |  | 2,301 |  |  |  | 49 |  |  |  | (13 | ) |  |  | — |  |  |  | 2,337 |
|  | $ | 120,372 |  |  | $ | 1,280 |  |  | $ | (6,162 | ) |  | $ | — |  |  | $ | 115,490 |
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |  |  | Allowance for Credit Losses |
Held to Maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate debentures |  | $ | 15,000 |  |  | $ | — |  |  | $ | (1,592 | ) |  | $ | 13,408 |  |  | $ | (512 | )
Structured mortgage-backed securities |  |  | 21,735 |  |  |  | — |  |  |  | (907 | ) |  |  | 20,828 |  |  |  | — |
|  | $ | 36,735 |  |  | $ | — |  |  | $ | (2,499 | ) |  | $ | 34,236 |  |  | $ | (512 | )
|  | December 31, 2022 |  |  |  |
(In Thousands) |  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |  |  |  |
Available for Sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Small Business Administration loan pools |  | $ | 858 |  |  | $ | — |  |  | $ | (15 | ) |  | $ | 843 |  |  |  |
Obligations of state and political subdivisions |  |  | 44,189 |  |  |  | 14 |  |  |  | (4,034 | ) |  |  | 40,169 |  |  |  |
Mortgage-backed securities in government-sponsored entities |  |  | 41,873 |  |  |  | — |  |  |  | (4,072 | ) |  |  | 37,801 |  |  |  |
|  | $ | 86,920 |  |  | $ | 14 |  |  | $ | (8,121 | ) |  | $ | 78,813 |  |  |  |
Held to Maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate debentures |  | $ | 14,993 |  |  | $ | — |  |  | $ | (994 | ) |  | $ | 13,999 |  |  |  |
Structured mortgage-backed securities |  |  | 16,829 |  |  |  | — |  |  |  | (748 | ) |  |  | 16,081 |  |  |  |
|  | $ | 31,822 |  |  | $ | — |  |  | $ | (1,742 | ) |  | $ | 30,080 |  |  |  |
The following tables show the Company's gross unrealized losses and fair value, aggregated by investment category and length of time the individual debt securities have been in a continuous unrealized loss position.
|  | December 31, 2023 |
|  | Less Than Twelve Months |  |  | Twelve Months or Greater |  |  | Total |
(In Thousands) |  | Fair Value |  |  | Gross Unrealized Loss |  |  | Fair Value |  |  | Gross Unrealized Loss |  |  | Fair Value |  |  | Gross Unrealized Loss |
Available for Sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
US Government Agency Securities |  | $ | 1,995 |  |  | $ | (5 | ) |  | $ | — |  |  | $ | — |  |  | $ | 1,995 |  |  | $ | (5 | )
Obligations of state and political subdivisions |  |  | 4,836 |  |  |  | (247 | ) |  |  | 27,736 |  |  |  | (2,768 | ) |  |  | 32,572 |  |  |  | (3,015 | )
Mortgage-backed securities in government-sponsored entities |  |  | 4,703 |  |  |  | (136 | ) |  |  | 31,249 |  |  |  | (2,993 | ) |  |  | 35,952 |  |  |  | (3,129 | )
Other securities |  |  | — |  |  |  | — |  |  |  | 601 |  |  |  | (13 | ) |  |  | 601 |  |  |  | (13 | )
|  | $ | 11,534 |  |  | $ | (388 | ) |  | $ | 59,586 |  |  | $ | (5,774 | ) |  | $ | 71,120 |  |  | $ | (6,162 | )
|  | December 31, 2022 |
|  | Less Than Twelve Months |  |  | Twelve Months or Greater |  |  | Total |
(In Thousands) |  | Fair Value |  |  | Gross Unrealized Loss |  |  | Fair Value |  |  | Gross Unrealized Loss |  |  | Fair Value |  |  | Gross Unrealized Loss |
Available for Sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Small Business Administration loan pools |  | $ | 334 |  |  | $ | (1 | ) |  | $ | 509 |  |  | $ | (14 | ) |  | $ | 843 |  |  | $ | (15 | )
Obligations of state and political subdivisions |  |  | 34,836 |  |  |  | (3,372 | ) |  |  | 2,559 |  |  |  | (662 | ) |  |  | 37,395 |  |  |  | (4,034 | )
Mortgage-backed securities in government-sponsored entities |  |  | 18,052 |  |  |  | (1,538 | ) |  |  | 19,749 |  |  |  | (2,534 | ) |  |  | 37,801 |  |  |  | (4,072 | )
|  | $ | 53,222 |  |  | $ | (4,911 | ) |  | $ | 22,817 |  |  | $ | (3,210 | ) |  | $ | 76,039 |  |  | $ | (8,121 | )
Held to Maturity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate debentures |  | $ | 13,999 |  |  | $ | (994 | ) |  | $ | — |  |  | $ | — |  |  | $ | 13,999 |  |  | $ | (994 | )
Structured mortgage-backed securities |  |  | 16,081 |  |  |  | (748 | ) |  |  | — |  |  |  | — |  |  |  | 16,081 |  |  |  | (748 | )
|  | $ | 30,080 |  |  | $ | (1,742 | ) |  | $ | — |  |  | $ | — |  |  | $ | 30,080 |  |  | $ | (1,742 | )
The Company reviews its position quarterly and believes that as of December 31, 2023 and 2022, the declines outlined in the above tables represent temporary declines, and the Company does not intend to sell, and does not believe it will be required to sell, these debt securities before recovery of their cost basis, which may be at maturity. There were 164 and 175 available for sale debt securities with unrealized losses at December 31, 2023 and 2022, respectively. There were 12 and ten held-to-maturity debt securities with unrealized losses at December 31, 2023 and 2022, respectively. The Company has concluded that the unrealized losses disclosed above are not other than temporary, but are the result of interest rate changes that are not expected to result in the noncollection of principal and interest during the year. As of December 31, 2023, amortized cost and fair value by contractual maturity, where applicable, are shown below. Actual maturities may differ from contractual maturities because the borrower may have the right to prepay obligations with or without penalty.
|  | Available for Sale Securities |  |  | Held to Maturity Securities |
(In Thousands) |  | Amortized Cost |  |  | Fair Value |  |  | Amortized Cost |  |  | Fair Value |
Due within one year |  | $ | 8,093 |  |  | $ | 8,160 |  |  | $ | — |  |  | $ | — |
Due after one year through five years |  |  | 12,154 |  |  |  | 12,186 |  |  |  | 6,000 |  |  |  | 5,795 |
Due after five years through ten years |  |  | 19,812 |  |  |  | 19,248 |  |  |  | 9,000 |  |  |  | 7,613 |
Due after ten years |  |  | 27,845 |  |  |  | 25,993 |  |  |  | — |  |  |  | — |
Mortgage-backed securities and Collateralized mortgage obligations |  |  | 50,795 |  |  |  | 48,181 |  |  |  | 21,735 |  |  |  | 20,828 |
Other securities |  |  | 1,673 |  |  |  | 1,722 |  |  |  | — |  |  |  | — |
|  | $ | 120,372 |  |  | $ | 115,490 |  |  | $ | 36,735 |  |  | $ | 34,236 |
The following table summarizes sales of debt securities:
(In Thousands) |  | For the year ended December 31, |
|  | 2023 |  |  | 2022 |
Proceeds |  | $ |  | 91,364 |  |  | $ |  | 513 |
Gross gains |  |  |  | — |  |  |  |  | 13 |
Gross losses |  |  |  | 2,370 |  |  |  |  | — |
Net loss |  | $ |  | (2,370 | ) |  | $ |  | 13 |
The Company had pledged debt securities with a carrying value of $65,935 and $47,418 to secure public monies as of December 31, 2023 and 2022, respectively.

X
- References No definition available. + Details
Name: | us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//320/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-10 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6B -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-6B Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6B -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-6B Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Name Regulation S-K (SK) -Number 229 -Section 1403 -Paragraph (b) -Publisher SEC Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//946-320/tableOfContent Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 940 -SubTopic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//940-320/tableOfContent Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//942-320/tableOfContent + Details
Name: | us-gaap_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration